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EXECUTIVE SUMMARY 12 RENEWABLE POWER GENERATION COST TRENDS, 2010-2019 Electricity costs from renewables have fallen sharply over the past decade, driven by improving technologies, economies of scale, increasingly competitive supply chains and growing developer experience. As a result, renewable power generation technologies have become the least-cost option for new capacity in almost all parts of the world. This new reality has been increasingly reflected in deployment, with 2019 seeing renewables account for 72% of all new capacity additions worldwide. According to the latest cost data from the International Renewable Energy Agency (IRENA), the global weighted-average levelised cost of electricity (LCOE)1 of utility-scale solar photovoltaics (PV) fell 82% between 2010 and 2019,2 while that of concentrating solar power (CSP) fell 47%, onshore wind 39% and offshore wind 29% (Figure ES.1), the IRENA Renewable Cost Database shows.3 Costs for solar and wind power continued to fall in 2019, as equipment costs and balance of plant costs declined and, in the case of wind power, improvements in technology yielded higher capacity factors. Electricity costs from utility-scale solar PV fell 13% year-on-year in 2019, reaching USD 0.068 per kilowatt-hour (kWh). For projects commissioned in 2019, the global weighted-average LCOE of onshore and offshore wind both declined about 9% year-on-year, reaching USD 0.053/kWh and USD 0.115/kWh, respectively. Costs for CSP – still the least-developed among solar and wind technologies – fell 1% to USD 0.182/kWh. The trend in the global weighted-average LCOE for the mature technologies of bioenergy for power, geothermal and hydropower has been more varied. These technologies represent competitive, firm power with already low costs in many cases. Between 2010 and 2019, the global weighted- average LCOE of bioenergy for power projects fell from USD 0.076/kWh to USD 0.066/kWh – a figure at the lower end of the cost range for new fossil fuel-fired projects.4 Power generation costs in 2019 amounted to around USD 0.073/kWh for newly commissioned geothermal power projects. The global weighted- average LCOE of newly commissioned hydropower projects increased from USD 0.037/kWh in 2010 to USD 0.047/kWh in 2019. Despite this, hydropower remains very competitive, with nine-tenths of all capacity commissioned in 2019 producing power for less than the cheapest new fossil fuel-fired cost project. 1 The LCOE is the ratio of lifetime costs to lifetime electricity generation, both of which are discounted back to a common year using a discount rate that reflects the average cost of capital. In this report, all financial values are in real 2019 USD (that is to say, taking into account inflation). LCOEs are calculated assuming a real cost of capital of 7.5% in OECD countries and China, and 10% in the rest of the world, for all technologies unless explicitly mentioned. All LCOE calculations exclude the impact of any financial support. 2 All data presented in this report are for the year of commissioning, unless explicitly stated otherwise. 3 The IRENA Renewable Cost Database contains cost and performance data for around 17 000 renewable power generation projects with a total capacity of more than 1 770 GW that is installed or in the pipeline for commissioning. 4 The fossil fuel-fired power generation cost range by country and fuel is estimated to be between USD 0.05/kWh and USD 0.177/kWh. The lower bound represents new, coal-fired plants in coal-producing regions in China.PDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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